Is Yesway reviving its plans for an IPO?

Yesway could be the next convenience-store chain to go public. | Yesway

Yesway could be the next convenience-store chain to go public. The retailer, backed by Brookwood Financial Partners, is reviving plans for an initial public offering after originally filing for one in 2021, Bloomberg reported, citing people familiar with the matter. 

Yesway, which also owns the Allsup’s c-store brand, filed a statement with the U.S. Securities and Exchange Commission (SEC) for the proposed $100 million initial public offering (IPO) of its stock in September 2021. Then in December 2022, Yesway said it was pausing its efforts to go public. At the time, the company cited “current market conditions,” as the reason for the pause.

Yesway is working with Morgan Stanley, JPMorgan Chase & Co. and Goldman Sachs Group Inc. on the listing, Bloomberg reported, which could take place as soon as later this year or in early 2026. The offering could raise about $300 million, Bloomberg’s sources said. 

• Yesway is No. 19 on CSP’s 2025 Top 202 ranking of largest U.S. convenience-store chains.

Yesway did not immediately respond to CSP’s requests for comments on Monday. 

Since it withdrew its IPO in December 2022, Fort Worth, Texas-based Yesway has grown to a chain of more than 440 stores across nine states in the Midwest and Southwest. In March 2023, it reiterated its commitment to growth by promoting Thomas Brown, president of Brookwood Financial Partners, to chief real estate officer. And in March 2024, it said it would be significantly expanding its presence in Oklahoma. 

The initial impetus to go public was the completion of the integration of Yesway with Allsup’s, the Clovis, New Mexico-based family-owned c-store chain that Yesway acquired in November 2019, nearly tripling its store count to 403 units at the time, Tom Trkla previously told CSP. 

Trkla is chairman and CEO of Beverley, Massachusetts-based Brookwood Financial Partners, the real-estate and private-equity investment and asset management company that he founded in May 1993. After the 2007-2008 financial crisis, the Brookwood team brainstormed ideas for a business that was related to real estate but recession-resistant. The executives eventually landed on convenience stores, forming BW Gas & Convenience Holdings LLC in 2015 and establishing its first c-store brand, Yesway. 

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